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GST Interest Calculator

GST Interest Calculator

Under Goods and Service tax Regime, liability of Interest arises on Late Payment of GST. The Interest is paid from the next day of due date of GST Return filing till the date of GST Payment. Interest liability arises for every person who:

  • Makes the payment of GST after the due date.
  • Claims excess Input Tax Credit (ITC)
  • Reduces excess Output Tax Liability

However, if GST is not paid within the due dates of filing GST return, Interest is paid at the following rates :

Particulars Interest
Tax paid after due date 18% p.a.
Excess ITC Claimed or excess reduction in Output Tax 24% p.a.

 

Notification No. 63/2020–Central Tax dated 25th Aug, 2020 issued for giving effect the provisions of section 100 of the Finance (No. 2) Act, 2019 (23 of 2019). As per this section, Interest on delayed payment of GST will be collected only on the payment made in cash with effect from 1st September 2020. 

Click here to check the due dates of GST Return- 2022 GST Calendar

Check also –

GST Input Tax Credit Calculator

GST Calculator

For any questions, you may reach us at Discussion Forum

gst interest calculator
GST calculator
Disclaimer: The GST Interest Calculator or any other calculator is solely for personal use. BabaTax and its members do not accept any liabilities for any loss or damage of any kind arising out of information and for any actions taken in reliance thereon. 
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